The public has been made aware that the Central Bank of Kenya has recovered Sh8 Billion from Chase Bank directors who reportedly awarded themselves hefty loans leading to collapse of the bank.
The regulator yesterday divulged that it had seized property worth the stated amount that had been irregularly purchased by the bosses.
Among st the recovered include: a business park in Karen, various high-end properties in Dubai, a three-acre plot next to the German Embassy in Nairobi, a three-acre parking within the Capital and 240 acres of land on Mombasa Road.
Dr Patrick Njoroge, the regulator’s Governor stated that the holdings were acquired after the directors awarded themselves a 15-year interest-free loan disguised as ‘Musharakah’, a concept used in Sharia banking.He added that those responsible for financial woes affecting the bank would be pursued with deliberate inconsistencies being unearthed as auditing continued.